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Tycoon Pallonji Mistry eyes $1 billion via 30% share sale in solar unit

The solar unit, which provides engineering, procurement and construction services, will generate Rs 95 billion of revenue for the year ended March 2019

Pallonji Mistry
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Pallonji Mistry

Bhuma Shrivastava | Bloomberg
India’s Shapoorji Pallonji Group plans to seek about $1 billion by bringing outside investors into its solar unit, as it embarks on a series of asset sales across the 153-year-old conglomerate to reduce debt.

The group, owned by reclusive billionaire Pallonji Mistry, will sell as much as 30 per cent in the solar engineering arm of Sterling & Wilson Pvt, said Jai Mavani, executive director at conglomerate’s flagship company. The funds would be raised through a pre-listing stake sale followed by a public offering.

A separate listing of Eureka Forbes Ltd., the water purification unit of publicly-traded Forbes & Co.,

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